A shortage of new homes in Auckland keeps pushing up house values says QV

The average national house value has increased 10.1% over the last year, according to Quotable Value.

QV says the average value of New Zealand’s residential dwellings was $527,760 at the end of July which was up 4.1% compared to three months earlier.

In Auckland the average dwelling value increased by 5.7% to $855,672 in the three months to July, putting it 18.8% ahead of where it was 12 months ago.

QV said housing values in Auckland were continuing on a sharp upward trajectory in all areas and that average dwelling values on both the North Shore and Central Auckland (within the boundaries of the former Auckland City Council) were now above $1 million.

In Auckland Central the average value was $1,014,873 at the end of July which was up 20.1% compared to July last year, while on the North Shore the average value was $1,007,836, up 17.6% compared to a year earlier.

In Waitakere the average value of a home was $687,021, up 21.6% for the year, and in Manukau it was $715,919, up 19.6% for the year.

“There’s still not enough existing stock or new homes being built to accommodate the demand for housing in Auckland,” QV northern operations manager Jan O’Donoghue said.

“Investors and speculators continue to be very active across the super city, particularly in suburbs that offer the most affordable housing such as Mt Roskill, Massey, Te Atatu, New Lynn and Papakura.

“High numbers of apartments have also been selling off the plan in central Auckland as demand for more affordable homes reaches a crescendo.”

However outside of Auckland, property values continue to rise at a much slower rate.

In Wellington City the average dwelling value was $546,481 which was only up 2% compared to a year earlier and in Christchurch the average value was $475,322, up 3.1% compared to year earlier.

However values in the Waikato and Bay of Plenty are also posting strong gains with average dwelling values in Hamilton up 7.4% for the year and Tauranga values up 7.7% for the year.

See the table below for QV’s average values for homes throughout the country:

QV House Price Index – Three months to July 2015

Territorial Authority

Average current value $

12 month change%

3 month change %

Since 2007 market peak change %

Far North

312,903

5.4%

3.7%

-21.4%

Whangarei

351,837

5.0%

2.1%

-11.2%

Kaipara

366,908

8.5%

7.3%

-7.5%

Auckland – Rodney

740,977

9.3%

3.9%

26.3%

Rodney – Hibiscus Coast

734,361

9.5%

3.5%

25.0%

Rodney – North

748,808

8.9%

4.4%

24.7%

Auckland – North Shore

1,007,836

17.6%

6.2%

56.2%

North Shore – Coastal

1,148,505

15.9%

6.1%

52.4%

North Shore – Onewa

823,563

21.1%

6.7%

66.0%

North Shore – North Harbour

964,036

17.1%

6.1%

58.7%

Auckland – Waitakere

687,021

21.6%

7.3%

62.0%

Auckland – City

1,014,873

20.1%

4.6%

63.0%

Auckland City – Central

873,702

16.9%

3.9%

53.4%

Auckland_City – East

1,266,529

20.1%

5.1%

58.9%

Auckland City – South

930,377

22.9%

5.3%

72.8%

Auckland City – Islands

832,061

12.1%

-1.9%

30.2%

Auckland – Manukau

715,919

19.6%

6.4%

56.4%

Manukau – East

931,586

16.2%

5.2%

56.3%

Manukau – Central

554,633

21.8%

8.7%

47.5%

Manukau – North West

600,481

22.7%

6.7%

62.5%

Auckland – Papakura

527,214

22.2%

7.7%

46.5%

Auckland – Franklin

532,965

14.6%

6.5%

34.7%

Thames Coromandel

526,115

3.4%

1.2%

-9.5%

Hauraki

259,898

10.7%

4.6%

-6.8%

Waikato

305,152

6.6%

3.5%

0.8%

Matamata Piako

285,146

2.3%

-1.0%

-2.3%

Hamilton

390,113

7.4%

3.8%

7.9%

Hamilton – North East

495,243

8.5%

4.1%

10.2%

Hamilton – Central & North West

363,319

7.4%

3.3%

1.5%

Hamilton – South East

357,521

7.0%

3.8%

2.3%

Hamilton – South West

343,228

6.8%

4.2%

0.3%

Waipa

361,285

5.9%

1.2%

9.8%

Otorohanga

193,998

-3.7%

-5.8%

-29.7%

South Waikato

128,826

1.7%

1.8%

-21.0%

Waitomo

N/A

N/A

N/A

N/A

Taupo

347,652

1.6%

0.6%

-13.2%

Western BOP

434,438

5.9%

3.3%

-3.6%

Tauranga

489,734

7.7%

3.0%

1.7%

Rotorua

271,414

0.3%

-1.6%

-7.6%

Whakatane

302,958

2.8%

2.7%

-12.9%

Kawerau

101,977

-3.5%

-1.0%

-36.0%

Opotiki

200,829

-4.3%

-4.9%

-29.4%

Gisborne

226,887

-1.2%

-0.5%

-23.7%

Wairoa

N/A

N/A

N/A

N/A

Hastings

309,499

3.9%

1.5%

-0.7%

Napier

329,825

1.9%

-0.1%

-3.1%

Central Hawkes Bay

207,457

-1.5%

-5.0%

-21.7%

New Plymouth

359,947

3.0%

0.4%

8.9%

Stratford

198,914

-2.0%

-1.6%

-9.0%

South Taranaki

185,813

1.5%

0.2%

-6.0%

Ruapehu

128,375

-5.7%

-1.3%

-28.8%

Wanganui

181,330

1.9%

-0.1%

-19.1%

Rangitikei

142,541

-3.4%

1.7%

-21.2%

Manawatu

244,085

1.3%

0.4%

-4.0%

Palmerston North

292,977

2.8%

1.1%

-1.8%

Tararua

152,220

3.1%

-1.3%

-13.7%

Horowhenua

208,027

1.0%

1.2%

-12.5%

Kapiti Coast

380,564

1.6%

0.0%

-0.7%

Porirua

381,991

1.5%

0.0%

0.0%

Upper Hutt

337,397

1.2%

-0.5%

-4.0%

Hutt

375,237

1.3%

-0.3%

-4.4%

Wellington

546,481

2.0%

0.2%

2.6%

Wellington – Central & South

552,253

1.0%

0.5%

-1.4%

Wellington – East

600,391

5.3%

1.4%

4.2%

Wellington – North

479,051

1.5%

-0.3%

2.8%

Wellington – West

627,196

2.7%

0.0%

3.3%

Masterton

238,364

1.0%

-1.7%

-16.6%

Carterton

269,213

1.7%

0.5%

-3.4%

South Wairarapa

305,380

1.1%

0.6%

-9.7%

Tasman

422,913

2.2%

1.3%

5.3%

Nelson

414,989

3.3%

0.7%

8.4%

Marlborough

352,985

2.3%

0.6%

-9.5%

Kaikoura

N/A

N/A

N/A

N/A

Buller

N/A

N/A

N/A

N/A

Grey

215,313

1.2%

-2.8%

-11.9%

Westland

229,386

0.7%

1.4%

-4.5%

Hurunui

349,889

4.3%

2.9%

11.9%

Waimakariri

419,144

3.2%

1.4%

30.9%

Christchurch

475,322

3.1%

0.5%

25.3%

Christchurch – East

359,355

4.1%

1.6%

16.1%

Christchurch – Hills

643,820

2.0%

0.0%

16.4%

Christchurch – Central & North

555,575

3.1%

0.4%

25.5%

Christchurch – Southwest

453,253

2.5%

0.0%

33.5%

Christchurch – Banks Peninsula

496,472

5.5%

1.9%

3.3%

Selwyn

516,040

2.1%

-0.9%

38.4%

Ashburton

326,941

1.7%

-0.5%

16.8%

Timaru

305,434

8.6%

2.5%

21.7%

MacKenzie

305,363

8.8%

-2.8%

6.6%

Waimate

199,220

2.1%

-4.8%

5.6%

Waitaki

227,818

2.1%

1.0%

-0.2%

Central Otago

330,258

2.7%

2.3%

4.2%

Queenstown Lakes

717,021

6.0%

0.2%

4.3%

Dunedin

298,928

2.8%

2.5%

4.4%

Dunedin – Central & North

310,929

3.8%

2.8%

3.1%

Dunedin – Peninsular & Coastal

277,370

3.5%

3.8%

2.5%

Dunedin – South

284,751

1.5%

3.2%

-0.3%

Dunedin – Taieri

306,900

2.4%

0.8%

4.4%

Clutha

168,595

0.2%

0.6%

-6.9%

Southland

216,705

6.8%

4.9%

-5.9%

Gore

184,621

2.4%

3.0%

5.0%

Invercargill

207,367

-0.1%

-0.1%

-6.0%

Auckland Area

855,672

18.8%

5.7%

56.6%

Wellington Area

458,250

1.6%

0.0%

0.6%

Main Urban Areas

628,722

12.6%

4.7%

36.9%

Total NZ

527,760

10.1%

4.1%

27.4%

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